China's steel prices declined month on month in June

China’s steel prices declined month on month in June

People's Bank of China, the central bank of the country, disclosed corporate good price index for the first six months of the year. According to the statement, the price of corporate goods increased 3.7 percent year on year through January – June 2005. The corporate goods average price index fell 0.4 percent month on month in June but increased 3 percent year on year and 1.1 percent over the last six months. In June, the price of coal increased 0.5 percent month on month while the price of coke dropped 1.1 percent. Both items showed indicated a year on year increase with 22.8 percent and 19 percent respectively. The price of pig iron decreased by 6.9 percent month on month but increased 0.3 percent year on year, while the price of rolled steel dwindled 4.6 percent month on month and increased 4.1 percent year on year. The price of steel ingot grew by 1 percent month on month and 17.8 percent year on year. In June, the price of oil rose 1 percent month on month and 75.2 percent year on year. The price of electric power rose 2.8 percent from May and 7 percent from June 2004.